Five Years Later, Recoveries in Noted Lawyer's Fraud Expected to Total Less Than 13 Cents on the Dollar

Five years after lawyer Marc Dreier's arrest for running a multimillion-dollar investment fraud, investors and creditors of his defunct law firm are poised to recover 13 cents or less for each dollar of the more than $375 million owed.

Sheila M. Gowan, the trustee overseeing the bankruptcy liquidation of Dreier LLP, has proposed a plan to repay creditors of the law firm using recoveries and proceeds from the sale of the firm's...